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6. Limitation of Liability- Payment of Loss <br /> (a)The liability of the Company under this Binder shall be limited to the amount of actual loss sustained by the Assured because <br /> of reliance upon the assurances herein set forth,but in no event shall the liabiity exceed the amount of the liability <br /> stated on the face page hereof. <br /> (b)The Company will pay all costs imposed upon the Assured in litigation carried on by the Company for the Assured,and all costs <br /> and attorney's fees in litigation carried on by the Assured with the written authorization of the Company. <br /> (c)No claim for loss or damages shall arise or be maintainable under this Binder(1)if the Company after having received notice of <br /> any alleged defect,lien or encumbrance not shown as an Exception or excluded herein removes such defect,lien or encumbrance <br /> within a reasonable time after receipt of such notice,or(2)for liability voluntarily assumed by the Assured in settling any claim <br /> or suit without written consent of the Company. <br /> (d)All payments under this Binder,except for attorney's fees as provided for in paragraph 6(b)thereof,shall reduce the amount <br /> of the liability hereunder pro tanto,and no payment shall be made without producing this Binder or an acceptable copy thereof <br /> for endorsement of the payment unless the Binder be lost or destroyed,in which case proof of the loss or destruction shall be <br /> furnished to the satisfaction of the Company. <br /> (e)When liability has been definitely fixed in accordance with the conditions of this Binder,the loss or damage shall be payable <br /> within thirty days thereafter. <br /> 7. Subrogation Upon Payment or Settlement <br /> Whenever the Company shall have settled a claim under this Binder,all right of subrogation shall vest in the Company unaffected by <br /> any act of the Assured,and it shall be subrogated to and be entitled to all rights and remedies which the Assured would have had <br /> against any person or property in respect to the claim had this Binder not been issued.If the payment does not cover the loss <br /> of the Assured,the Company shall be subrogated to the rights and remedies in the proportion which the payment bears to <br /> the amount of said loss.The Assured,if requested by the Company,shall transfer to the Company all rights and remedies against <br /> any person or proprty necesary in order to perfect the right of subrogation,and shall permit the Company to use the name of the Assured <br /> in any transaction or litigation involving the rights or remedies. <br /> 8. Binder Entire Contract <br /> Any action or actions or rights of action that the Assured may have or may bring against the Company arising out of the subject matter <br /> hereof must be based on the provisions of this Binder. No provision or condition of this Binder can be waived or changed except by a <br /> writing endorsed or attached hereto signed by the President, a Vice President,the Secretary,an Assistant Secretary or other <br /> validating officer of the Company. <br /> 9. Notices. Where Sent <br /> All notices required to be given the Company and any statement in writing required to be furnished the Company shall be <br /> addressed to it at 400 Second Avenue South,Minneapolis, Minnesota 55401, (612) 371-1111. <br /> 10. Arbitration <br /> Unless prohibited by applicable law,either the Company or the insured may demand arbitration pursuant to the Title <br /> Insurance Arbitration Rules of the American Arbitration Association. <br /> Issued through the Office of: <br /> LAND TITLE GUARANTEE COMPANY <br /> 172 WHALERS WAY 11100 FORT COLLINS,CO 80525 <br /> 970-282.3649 <br /> * * o-: <br /> d�0 19W O&iPIF GO1l� ��70„�N� <br /> Authorized Signature <br /> PI8.ORT Cover Page 2 of 2 <br />